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Jul. 23, 2021

Dollar/Yen continues its uptrend, crawls up to 110.55

(23:12) GMT

Dollar/Yen on a 4 days bullish run gaining 37 pips (0.34%) Today's session so far looks to be heading in the same direction – hesitant but green: from an earlier low of 110.06, Dollar/Yen is up to 110.55 gaining 37 pips compared to the 110.18 start of the day (0.34%).

Uptick comes while some more positive signs for Dollar/Yen are out as United States Existing Home Sales released earlier shows an improvement to 5.86 million from the preceding data of 5.78 million, but falls short of the projected 5.90 million. United States Initial Jobless Claims fall short of the 350,000 projections, with 419,000 and continued its downward trajectory from previous figure of 368,000.

At the same time, Japan CFTC JPY speculative net positions released today at 7:30 PM with a figure of -55,700, this is better from previous number of -56,300.

As the day reaches an end a chart visual study suggests USD/JPY could be slowing down soon as it approaches resistance at 111.54, of course crossing it might suggest further gains are ahead. Asset volatility analysis shows that the upper Bollinger band is at 111.12, this is a slight indication of a slowdown. On the other hand note that at 110.36, Dollar/Yen made an initial breakout above 21 day Simple Moving Average, an indication of a positive trend.

Overall, looking at the technical analysis landscape, it seems a reverse of course in the short term might be next for Dollar/Yen.

At the same time, S&P 500 hits fresh record high at 4,412.81. Nasdaq climbs to new all-time high at 14,843.

Dollar/Yen started the year by gaining 6.3%. A study of Dollar/Yen's past performance shows that it has been trading sideways for the past 6 months.

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Week to date

Dollar/Yen gains 148 pips to erase previous losses, trading higher at 110.55 after 2 months low .

A good end to the trading week, USD/JPY is up to 110.55 having started the week at 109.87, overall a 0.63% move or 68 pips this week. (Trade Dollar/Yen with FXTM now).

This move comes while some more positive signs for Dollar/Yen are out as United States Existing Home Sales released earlier shows an improvement to 5.86 million from the preceding data of 5.78 million, but falls short of the projected 5.90 million. United States Initial Jobless Claims published yesterday at 12:30 PM came out at 419,000, falling short of the 350,000 projections and continuing its decline from the previous 368,000 figure.

On the flip side data for United States Crude Oil Inventories released Wednesday comes out at 2.11 million, beating projections of -4.47 million and showing improvement over the preceding figure of -7.90 million.

More data out yesterday as Released today at 7:30 PM, Japan's CFTC JPY speculative net positions showed an uptick coming in at -55,700, up from the previous number of -56,300. Japan Balance of Trade released earlier shows an improvement to 383.20 billion from the preceding data of -189.40 billion, but falls short of the projected 460.00 billion.

While Dollar/Yen is green so far today, these assets are not doing so well- at 148.44, Pound/Yen is down to its lowest value in 5 months and a half. Euro/Yen dropped to 128.57, hitting a 4 months low.

Outlook for rest of the week: Market is looking forward for Japan Retail Sales projected to decline to 0.2% while previous data was 8.3%, data will be released Thursday.